Negotiations Open: Tariff War End Next Weeks?

China and the U.S. announced that face-to-face negotiations aimed at ending their tariff war will be held in Washington in the coming weeks, amid skepticism on both sides that any substantive progress can be made.

A cautious statement from the USTR’s office confirmed that ministerial-level discussions will take place in “the coming weeks,” without specifying when.

“Neither China nor the U.S. wants to be blamed by the rest of world for escalating the trade war and damaging the world economy,” said Zhou Xiaoming, a former commerce ministry official, and diplomat. “But the talks don’t mean the two sides will inch closer or that their stances soften.”

“The bigger impact is on China in our estimates at this point,” International Monetary Fund chief economist Gita Gopinath told Bloomberg Television, referring to the tariffs. ‘If these tensions continue and global growth were to, say, slow even at a faster pace than we think, then that could change financial market sentiment, that could change business confidence and that can slow down the global economy.”

“No one is holding their breath” about the talks, said Chua Hak Bin, an economist at Maybank Kim Eng Research Pte. in Singapore. “ Investors are slowly coming to terms that a trade deal is increasingly remote, with both sides talking tough and preparing for a long battle.”

 

 

 

Source: Bloomberg

 

 

 

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September 5, 2019
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